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DubaiFXM Review - Is it scam or safe?

DubaiFXM Review - is dubaifxm.com scam or good forex broker?

RATING: 1 / 3 REVIEWS DubaiFXM
DubaiFXM is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Spreads
Standard $200 0.01 1:200 3 pips, fixed

 

Clients of DubaifXM are offered one basic account type, with fixed spreads, commission-free trading, and leverage up to 1:200 on both MetaTrader 4 and Sirix platforms. Besides, there are a number of premium account types for clients who are willing to deposit more than $1000. Premium account holders get access to Trading Central, discounts on spreads and other extra services.

 

Although it claims it does not have a Dealing Desk, it seems to us that DubaifXM is one of the many offshore market makers, as it offers fixed spreads only. What is worse, they are above the average 2 pips on EUR/USD.

 

The Company. Security of Funds

 

Company

Country

Regulation

DUBAI FXM LTD

Vanuatu

VFSC

 

DubaifXM offers trading in numerous currency pairs, as well as indices, commodities and stock CFDs on two trading platforms. It has offices in major financial centers around the world including London, Hong Kong, Cyprus, Philippines and India. The company that operates the brand, DUBAI FXM LTD, is licensed by the Vanuatu Financial Services Commission (VFSC).

 

We do not recommend investing with offshore brokers as a general rule. No authority is overseeing the activity of such businesses, they are not obliged to keep client money in segregated accounts, to meet high capital adequacy requirements, nor to report transactions.

 

That is why off-shore companies are not to be trusted, Besides, it is no secret that most of those brokers are pure scams. So, you’d better choose among brokers regulated by the CySEC in Cyprus, FCA in UK or another trustworthy regulatory body.

 

Trading Platforms

 

The broker supports MetaTrader 4 & Sirix platforms, as we have mentioned above.

 

MetaTrader 4 (MT4) is easy to use and equipped with a number of technical analysis indicators, extensive back-testing environment, advanced charting package and the most commonly used trading robots, as well as with options to add or create new ones (Expert Advisers). With DubaifXM it is available as desktop download and mobile apps.

 

Sirix, on the other hand, is available as web, desktop, and mobile versions. Sirix also has a user-friendly interface, advanced charting options and also provides sophisticated social trading services, allowing traders to observe and mirror other users’ trading activities.

 

 DubaifXM's Sirix Web platform. Click to enlarge.

 

Methods of Payment

 

DubaifXM offers a large number of payments methods to accommodate all our clients: bank wire transfer, credit/debit cards and e-wallets Skrill, and Neteller.

 

Conclusion

 

Although DubaifXM offers trading in wide range of financial instruments on 2 trading platforms, it is not recommended, because it is registered offshore and besides, its spreads are too wide.  Here are, in a nutshell, the advantages and disadvantages of this broker:

 

Pros Cons
Extensive product portfolio Registered offshore
Commission-free trading High spreads
Extensive product portfolio Supposedly a market maker
   

 

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Traders` reviews for DubaiFXM

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scam

Don't trust them. Does't exist risk if you talk with them. Very rude. Scam.
They only ask for more money.

Scam - truffa 02/21/2019

Do not trust in them

They contacted me in July asking for an investment of at least € 800. at the beginning the titles had an excellent profit then they made me buy some securities that have lost a lot and not to close the bill, losing in this way also the money invested at the start, they asked me for other money that I did not give them.

Vp 09/10/2018

Fraud, decepction

It can be said that apparently this broker is very attractive, which is why I started to operate with him. I must say that at first you are "taken care of" giving advice, even in excess ... of course, what they always seek is for your capital to be in motion. In my case the problem was when I decided to make a capital withdrawal.
First I requested it through the web, what surprised me is that I did not receive any confirmation via email. Subsequently, and after communicating my personal broker, a certain A. Reina, who performed an operation to validate the withdrawal, I authorized it via email, and as I said had already been processed.
After a week, I had not received such withdrawal in account and after a risky operation, I lost my capital (assuming that the deposit had already been carried out).
After several days waiting for the money in account, I decide to call customer service to ask for Mr. A. Reina to see if there had been any problem with the withdrawal of capital. Until today it has been impossible to contact him, they only give me excuses, he is more his secretary, they treat you in a derogatory way and without providing any solution or explanation.
Do not trust this broker. Sooner or later they will play it for you.

J.M.P.B 03/26/2018
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